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Layne Christensen Reports Fiscal 2013 Fourth Quarter And Year-End Results Of Operations

Stocks in this article: LAYN

Geoconstruction Division revenues increased in Q4 FY2013 and FY2013, reflecting the inclusion of revenues from Diberil of $10.9 million and $31.6 million, respectively; no comparable amounts were recorded in the prior year. Also leading to higher revenues was progress on ground stabilization projects in Washington D.C., Florida, New York and Indiana, offset by reduced revenues from a large dam stabilization project from the prior year that is winding down.

Income before income taxes decreased $7.7 million and $12.3 million for Q4 FY2013 and FY2013 compared to the prior year. The decrease for the year includes the above-referenced non-cash loss of $7.7 million. While Geoconstruction has been able to replace the revenues from the dam stabilization project noted above, the margins on these new projects have been less, resulting in decreased operating income. The Division is pursuing significant change orders on several projects, which have not been recognized in contract estimates as they are not yet approved.  If successfully approved, they will have a favorable impact in the period in which they are recognized.

The backlog at Geoconstruction was $41.5 million as of January 31, 2013, compared to $47.3 million as of January 31, 2012.

Mineral Exploration Division  Three Months Twelve Months
  Ended January 31, Ended January 31,
(in thousands) 2013 2012 2013 2012
Revenues  $ 44,328  $ 65,036  $ 246,582  $ 268,909
(Loss) income before income taxes  (885)  10,120  45,969  62,259
Equity in earnings of affiliates, included in above earnings  1,119  4,438  16,700  21,302

Mineral Exploration Division revenues decreased $20.7 million and $22.3 million for Q4 FY2013 and FY2013 from their respective prior year periods. Most of our operations experienced a decline in revenues in Q4 FY2013, reflecting cutbacks on exploration programs by our customers, which began in Q3 FY2013. The decline in revenues was most pronounced in Africa and Australia, however, revenues also declined in Canada as we shifted most of our equipment to Mexico and Brazil, geographies that present improved profit opportunities.

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